Top 10 Leaders Shaping the Human Resource Technology Landscape in 2024
Author : Priyanka | June 3, 2024
The human resource (HR) technology market has been growing rapidly in recent years due to the development of novel solutions to cater to the ever-evolving demands of HR and business operations. According to Kings Research, the human resource technology market was recorded at $56.98 billion in 2022 and is anticipated to be valued at $237.42 billion by 2030, growing at a CAGR of 5.41% from 2023 to 2030.
HR technology is rapidly being used due to its several benefits and enhanced employee experience and engagement. HR technology providers aim to integrate new features into their offerings to improve functionality and consumer satisfaction. Overall, the HR technology market is evolving rapidly, with cutting-edge payroll management solutions playing a vital role in its continued expansion.
Top 10 Human Resource Technology Companies Setting the Standard in 2024
Below are the top 10 companies that are shaping the landscape of HR technology with their developments in this field.
1. Cegid
Cegid is a company that offers innovative solutions in the HR technology market. It provides a range of modules for HR, payroll, time-tracking software for employees, performance management, and more. It's worth noting that in 2021, Cegid acquired Talentsoft, another company in the market. The acquisition, which is focused on payroll and employee management, aims to strengthen Cegid's position in the European HR tech market.
2. Cornerstone
Cornerstone OnDemand is another leading company in the HR technology market. It offers a comprehensive HR management software suite that includes integrated solutions for talent management, learning management, performance management, among others. In March 2024, Cornerstone OnDemand acquired XR learning tech giant Talespin.
3. Hi Bob, Inc.
HiBob is an HR tech company that offers a platform called "Bob" to help modern, dynamic companies drive productivity, engagement, and retention. Bob's advanced analytics provide data to track important KPIs and their impact on business goals. Recently, in February 2024, HiBob acquired UK-based payroll provider Pento for $40 million, highlighting the competition in the HR services sector.
4. Infor
Infor is a leading company in the human resource technology market. Its tool, Infor Payroll, offers in-house processing capabilities for managing back-end payroll processes, such as employment tax filing and garnishments. In Nov 2023, Infor partnered with DailyPay to simplify and speed up the process of providing hourly employees with their wages. The partnership allows customers to use Infor Workforce Management solutions to provide same-day access to earned pay without disruptions or additional administrative tasks for payroll teams.
5. Oracle
Oracle Corporation is a major player in the human resources technology market. It offers a range of HR management software solutions like Oracle HCM Cloud. In July 2023, Oracle added generative artificial intelligence features to its human resources software for businesses, aiming to help draft job descriptions and employee performance goals. The AI assistant has the ability to automatically generate draft text for tasks like job listings or performance goals.
6. Workday, Inc.
Workday, Inc. is a prominent company in the HR technology market. Its solutions cover various areas, including HR, payroll, talent management, and analytics. In February 2024, Workday and Insperity announced a strategic partnership to develop a full-service HR solution for small and midsize businesses. The partnership helps with talent management, payroll, benefits, and compliance in a unified, cloud-based system. Additionally, in March 2024, Workday acquired HiredScore, a provider of AI-based matching tools to handle recruiting tasks.
7. IBM Corporation
IBM Corporation is a key player in the human resource technology market. IBM's solutions help businesses make more informed decisions, increase workforce agility, and achieve a higher rate of return on talent. In Oct 2023, IBM and EY partnered to offer an AI solution for automating HR tasks and processes. The new offering, EY.ai Workforce, will use IBM's Watsonx technology to streamline HR workflows, from job description drafting to payroll handling.
8. UKG Inc.
UKG Inc., formerly known as Ultimate Kronos Group, is a significant player in the HR technology market. Its powerful suite of HCM (Human Capital Management) is a popular software that covers various aspects, including payroll, talent management, service delivery, and surveys. In February 2024, the company UKG launched its newest Global Innovation Hub in Bulgaria, attracting over 400 software and product development professionals to accelerate the delivery of UKG solutions.
9. SAP SE
SAP SE is a leading company in the human resource technology market. Its innovative SAP SuccessFactors solution highlights the significant impact of technology in human resource management by providing deep and accurate information for a complete workforce overview. In October 2023, the company integrated AI to enhance the human experience in its SuccessFactors Human Experience Management Suite. Notably, SAP cloud-based solutions are now being increasingly used by Al Masaood Group, Abu Dhabi's largest industrial organization, to automate key business processes.
10. Automatic Data Processing, Inc. (ADP)
Automatic Data Processing Inc. (ADP) is one of the leading human resource technology companies. It provides traditional capabilities such as basic HRIS processing, recruitment, learning, and performance management. In May 2024, the company announced its three conferences: the Barclays Emerging Payments and Fintech Forum, the J.P. Morgan Global Technology, Media, and Communications Conference, and the Baird Global Consumer, Technology, and Services Conference to help people upskill in HR, time management, talent, benefits, and payroll.
What Does the Future Hold for Human Resource Technology?
The future of HR technology looks promising, with advancements in artificial intelligence and automation revolutionizing HR processes. The role of technology in human resource management will enable HR professionals to make data-driven decisions and improve talent management. The use of virtual reality and gamification in HRM is expected to enhance employee training and engagement. Further, mobile apps and human resource technology trends will facilitate seamless communication and access to HR services. Overall, HR technology will continue to evolve, simplifying HR operations, enhancing employee experiences, and driving organizational success.